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Value management is an integrated organised and structured process led by an experienced facilitator and broken down into various stages to enhance the value of a construction project not necessarily only by cutting costs vm is a systematic multidisciplinary effort made to enhance the value of a 145 frangelova assoc prof dr eng uacg . The application of value management in construction projects will largely depend on the value of a particular project and the level of the risks involved the figure below indicates a typical risk and value matrix which can be used to identify the need and necessity of value management. The second edition builds on the success of the first edition by extending the integrated value philosophy methodology and tool kit to describe the application of value management to the areas of service delivery asset management and programmes in addition to projects products and processes value management is a well established . Construction clients including those in both the public and private sectors and professionals such as construction cost consultants quantity surveyors architects asset managers construction engineers and construction managers will all find value management of construction projects to be essential reading. Value management of construction projects john kelly steven male drummond graham on amazoncom free shipping on qualifying offers value management is a philosophy set of principles and a structured management methodology for improving organisational decision making and value for money the second edition builds on the success of the first edition by extending the integrated value